TL;DR : Axis bank not letting me to close the account after giving all proofs and details
I have axis savings account which I opened as salary account when I started working 10 years ago.
After having few bitter experiences (consolidated charges) when that account was converted to normal savings account last year and recent mobile OTP shit, I thought to close it.
So I went to branch and surrendered my cheque book, debit card and signed account closure request form.
Later in evening, I got call from branch that my account cannot be closed as I'm having demat account attached.
I remember I do all of my demat transactions through HDFC account only so I was clarifying that it should not be the case.
I spoke to Axis Direct team and got confirmation through them that there is no demat account linked with my PAN in the bank.
Later back-end team responded that I purchased SGB from Axis bank (few years ago, as it was salary account and had funds I purchased from that account) so it is linked with that and can't be closed until SGB are matured.
I didn't use Axis direct services while purchasing and supplied my demat account DP and Client ID which is with CDSL through Zerodha and confirmed with them too that HDFC account is linked with demat account and SGB maturity amount will be credited in that account. I validated myself that SGB bi-annual interest is also getting credited in HDFC account only.
On top of that, I furnished Client Master Report (CMR) from CDSL which also confirms that HDFC account is in their database record.
Still Axis bank is not budging and refusing to close the account.
Asking me to convert account to Basic Savings account and wait till maturity of SGB then close.
Can anyone suggest what steps can be taken?
I've already moved all funds to other account and now it is throwing low balance warning stating 700 penalty will be put if I don't maintain balance.
I have axis savings account which I opened as salary account when I started working 10 years ago.
After having few bitter experiences (consolidated charges) when that account was converted to normal savings account last year and recent mobile OTP shit, I thought to close it.
So I went to branch and surrendered my cheque book, debit card and signed account closure request form.
Later in evening, I got call from branch that my account cannot be closed as I'm having demat account attached.
I remember I do all of my demat transactions through HDFC account only so I was clarifying that it should not be the case.
I spoke to Axis Direct team and got confirmation through them that there is no demat account linked with my PAN in the bank.
Later back-end team responded that I purchased SGB from Axis bank (few years ago, as it was salary account and had funds I purchased from that account) so it is linked with that and can't be closed until SGB are matured.
I didn't use Axis direct services while purchasing and supplied my demat account DP and Client ID which is with CDSL through Zerodha and confirmed with them too that HDFC account is linked with demat account and SGB maturity amount will be credited in that account. I validated myself that SGB bi-annual interest is also getting credited in HDFC account only.
On top of that, I furnished Client Master Report (CMR) from CDSL which also confirms that HDFC account is in their database record.
Still Axis bank is not budging and refusing to close the account.
Asking me to convert account to Basic Savings account and wait till maturity of SGB then close.
Can anyone suggest what steps can be taken?
I've already moved all funds to other account and now it is throwing low balance warning stating 700 penalty will be put if I don't maintain balance.
